A typical transaction infrastructure in developed areas in the United States may comprise wired networks that connect merchants to a payment processing network via acquirer computers. This transaction infrastructure allows users in developed areas to easily conduct payment transactions. The transaction infrastructure in developed areas of the world can allow people to conduct transactions such as credit, debit, money transfer, and banking transactions.
Some underdeveloped and/or remote regions of the world do not have the transaction infrastructure that is present in developed regions of the world. Even though a traditional transaction infrastructure is not available to them, people in these remote and under-developed regions have the same financial service needs, e.g., savings, payments, transfers, credit, insurance, etc. as those in developed regions.
What is therefore needed is a secure and efficient technological solution to allow people in remote and/or underdeveloped regions to perform transactions such as financial transactions, even though a typical transaction infrastructure is not available.
Embodiments of the invention address these and other problems, individually and collectively.